The chief executive of Schroders Personal Wealth is to leave the young advice firm after just eight months at the helm.
SPW announced today (June 18) Peter Hetherington has decided to step down from the CEO role to "pursue other prospective opportunities" and will leave the business following a period of gardening leave.
The joint advice venture from Schroders and Lloyds said it had identified his successor and would announce the decision at the first opportunity. James Rainbow, Mr Hetherington's predecessor, will return as acting CEO in the interim.
Mr Hetherington joined SPW in October last year from FTSE 250 company IG Group. He has since overseen the ongoing migration of client assets from Lloyds and the launch of 11 regional hubs across the UK.
Antonio Lorenzo, chairman at SPW, said: “I am grateful for Peter’s leadership over the last eight months and am sorry he is leaving. He has overseen an important phase in the growth of SPW and the development of our customer centric culture.
"He leaves us in a strong position and on track to become a top three financial planning business in the UK. Both shareholders remain absolutely committed to the joint venture and to providing excellent service to clients."
The service launched to existing customers in June last year when 500 employees transferred in to the business.
It has previously said it will target investors with a minimum of £100,000 in investable assets with an eye to becoming a "top three" financial planning business within five years.
Lloyds owns 50.1 per cent of the business while the other 49.9 per cent is owned by Schroders.
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